I’m working with a buyer who wants to make offers on three properties at once. She said she will terminate two of the contracts when she decides which one she wants to buy. Is this ethical?

No laws or rules prohibit your buyer from making offers on more than one property at a time. Similarly, the Code of Ethics does not bar you from representing a buyer making simultaneous offers on multiple properties. If the buyer has a termination option for all three properties, she has the contractual right to terminate two or all three of the contracts within the termination option periods.

However, there is a risk involved that you may communicate to the buyer: If she does not pay any of the option fees within the time prescribed, it may be deemed that she does not have a valid termination option. In that case, she may not have the ability to terminate one or more of the contracts and could be obligated to purchase more than one property.